COMPREHENSIVE PROBLEM 1: The AccomingCy 223 prehensive Problem 1: Accounting Cycle Bob Night opened "The General's Favorite Fishing Hole." The fishing camp is open from April through September and attracts many famous college during the off-season. Guests typically register for one week, arriving on Sunday afternoon and returning home the following Saturday afternoon. The registration fee includes room and board, the use of fishing boats, and profesional instruction in fish ing techniques. The chart of accounts for the camping operations is provided below. urt The General's Favorite Fishing Hoke Chart of Accounts Assets Cashupp 401 Registration Fees 142 144 145 181 181.1 Office Supplies Food Supplies Prepaid Insurance Fishing Boats Accum. Depr.-Fishing Boats hensive prob- ed to serve as ce set without Expenses 511 Wages Expense 521 Rent Expense 523 Office Supplies Expense 524 Food Supplies Expense 525 Phone Expense 533 Utilities Expense 535 Insurance Expense 536 Postage Expens 542 Depr. Exp.-Fishing Boats ts should plan ee to four hours this problem Liabilities 202 Accounts Payable 219 Wages Payable 311 312 313 Bob Night, Capital Bob Night, Drawing Income Summary The following transactions took place during April 20 Apr. 1 Night invested cash in business, $90,000. Paid insurance premium for six-month camping season, $9,000 Paid rent for lodge and campgrounds for the month of April, $40,000 1 2 2 2 Deposited registration fees, $35,000. Purchased 10 fishing boats on account for $60,000. The boats have estimated useful lives of five years, at which time they will be donated to a local day camp. Arrangements were made to pay for the boats in July 3 Purchased food supplies from Acme Super Market on account, $7,000. Purchased office supplies from Gordon Office Supplies on account, $500. 5 7 Deposited registration fees, $38,600 10 Purchased food supplies from Acme Super Market on account, $8,200. 10 Paid wages to fishing guides, $10,000. 14 Deposited registration fees, $30,500 continued